Labuan: Labuan’s largest mixed development developer, Financial Park (Labuan) Sdn Bhd, is breathing new life into the long-vacant Block 5 Tower by transforming it into a modern office building, in a move expected to enhance the island’s commercial property offerings.

According to BERNAMA News Agency, Chief Executive Officer Johari Mesar said the tower, located within the Financial Park Complex, had undergone multiple proposed development plans over the years, including for private higher education institutions and private hospitals. However, the company has now decided to proceed with repurposing the tower exclusively for office use. The management has installed four new lifts in the tower, marking a major step towards unlocking the building’s full potential.

Johari explained that the lift installation is key to facilitating the redevelopment and allowing the company to move forward with its plans. He made these comments after the handing over of strata titles to shop and apartment owners at the complex. The development will be carried out in phases, with the first phase involving the upgrading and preparation of 10 floors for occupancy.

Efforts must be thoroughly strategised to promote and market the new office spaces to potential tenants, Johari emphasized. He shared that the refurbished tower would complement the main office tower within the Financial Park Complex, offering additional premium office space to meet the growing demand for commercial infrastructure on the island.

The revitalisation of Block 5 Tower is part of the broader strategy by Financial Park to optimise its assets and contribute to Labuan’s position as a competitive business and financial hub, Johari added.